Filing Flows › TPG (TPG) › Q2 2026 › vs Q2 2025
TPG (TPG) Q2 2026 vs Q2 2025 (year over year)
TPG's revenue rose $921M (+100%) from $921M in Q2 2025 to $1.8B in Q2 2026. The biggest changes: Other revenues +$785M (+223%); Management fees +$70.2M (+16%); Transaction fees +$62.6M (+181%). Operating margin 19.3% against 4.3% (+15.1 pts).
TPG, Q2 2026: revenue $1.8B (+100% year over year), operating margin 19.3%, net earnings $93.4M, operating cash flow $348M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.3% | 4.3% | +15.1 pts |
| Net margin | 5.1% | 1.6% | +3.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Management fees | $523M | $453M | $70.2M | +16% |
| Transaction fees | $97.2M | $34.6M | $62.6M | +181% |
| Expense reimbursements and other | $69.2M | $69.4M | −$254K | -0.4% |
| Incentive fees | $8.9M | $6.8M | $2.2M | +32% |
| Monitoring fees | $7.0M | $5.8M | $1.2M | +21% |
| Other revenues | $1.1B | $351M | $785M | +223% |
| Revenue | $1.8B | $921M | $921M | +100% |
| Operating profit | $356M | $39.3M | $317M | +805% |
| Costs & expenses | $1.5B | $881M | $604M | +69% |
| Pre-tax earnings | $356M | $39.3M | $317M | +805% |
| General & admin | $174M | $182M | −$8.0M | -4% |
| Other operating costs | $1.3B | $699M | $612M | +88% |
| Net earnings | $93.4M | $14.9M | $78.5M | +525% |
| Minority interests | $226M | $15.2M | $211M | 15× |
| Income tax | $36.3M | $9.2M | $27.1M | +294% |
| Depreciation & amortization | $41.3M | $30.8M | $10.5M | +34% |
| Share-based compensation | $232M | $210M | $22.1M | +11% |
| Working capital & other | $18.8M | −$130M | $149M | — |
| Operating cash flow | $348M | $386M | −$38.2M | -10% |
Questions
How much did TPG's revenue grow year over year in Q2 2026?
TPG's revenue rose $921M (+100%) from $921M in Q2 2025 to $1.8B in Q2 2026.
What drove TPG's revenue change in Q2 2026?
Other revenues +$785M (+223%); Management fees +$70.2M (+16%); Transaction fees +$62.6M (+181%).